Base 3 and The Missner Group Win Approval for 112 Unit Oxxford Lofts Conversion in Chicago

• Base 3 and The Missner Group secured permits for a 112-unit residential conversion
• The project will redevelop the historic Oxxford Clothes building with a $15.5 million budget
• Delivery is expected by summer 2027, with 20 percent affordable housing included

What Base 3 and The Missner Group are building in the West Loop

The city has issued permits for the residential conversion of the former Oxxford Clothes building at 1220 West Van Buren Street in Chicago’s West Loop. The project is being developed by Base 3 and The Missner Group. The redevelopment, known as Oxxford Lofts, will deliver 112 rental units within the existing seven-story structure. The unit mix includes 48 studios, 59 one bedrooms, and five two-bedroom layouts. Originally built in the 1910s, the property will undergo a full gut renovation while preserving its historic exterior.

What the conversion strategy signals for investors

The project carries a reported cost of $15.5 million and includes a one-story vertical addition. Plans also call for 20 percent of units to be designated as affordable housing, all delivered on site. This adaptive reuse approach allows developers to reposition an older asset into a modern rental property while benefiting from lower acquisition and construction costs compared to ground-up development. Amenities will include a rooftop deck, coworking space, fitness center, bicycle storage, and 24 parking spaces, aligning the property with current renter expectations.

What this means for West Loop multifamily demand

The West Loop continues to attract investment as one of Chicago’s most active submarkets. Converting underutilized office and industrial buildings into residential units has become a key trend as demand for rental housing remains strong. The property’s location near the Racine Blue Line station and multiple bus routes supports transit-oriented living, which is a major driver of leasing activity. Projects like this highlight how developers are unlocking value from historic buildings while adding new housing supply in high-demand neighborhoods.

What to watch as construction begins

With permits now approved, construction is expected to begin in May. Initial unit deliveries are anticipated by summer 2027. For investors, this project represents a clear example of adaptive reuse strategies gaining traction, particularly in markets where land and construction costs continue to rise.